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A fabrics manufacturer has received a \u00a32.5 million funding package to support its transition to employee ownership.<\/p>\n
Dundee-based Halley Stevensons will establish an employee ownership trust (EOT) for its 66 staff, with the previous shareholders being bought out through a deferred payment structure.<\/p>\n
Founded in 1864 as a cotton mill producing sailcloth for ships, Halley Stevensons now makes waxed cotton and weatherproof fabrics for global brands including Patagonia, Belstaff, Fred Perry, and Barbour. <\/p>\n
It operates in a highly specialised market with only a small number of global competitors.<\/p>\n
The business has experienced strong growth in recent years, increasing turnover from \u00a35m during the pandemic to approximately \u00a314m.<\/p>\n
The transition to employee ownership was driven by the outgoing shareholders\u2019 desire to protect the heritage and independence of the business, ensuring it remains rooted in Scotland while continuing to grow. <\/p>\n
The move also supports long-term stability for employees and customers, while preserving the company\u2019s specialist expertise.<\/p>\n
HSBC UK has provided facilities to support the transition and ongoing working capital requirements, enabling the business to manage cashflow effectively and continue investing in production as it scales.<\/p>\n
Jimmy Campbell, managing director at Halley Stevensons, said: \u201cBecoming employee-owned marks an important milestone in our long history.<\/p>\n
\u201cIt was essential to us that the business remained independent and that its heritage was protected for future generations. This structure allows us to do just that, while continuing to build on the progress we\u2019ve made in recent years.\u201d<\/p>\n
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